Beneficiaries of TraderMoni, others advised to repay their loans to get higher loans

Beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Government Enterprise and Empowerment Programme (GEEP) have been urged to repay their loans in order to enable them to get a higher loan and to have access to other GEEP products.

The disclosure was revealed through a verified tweet by the government agency, as seen by Nairametrics. The call is also sequel to concerns over the repayment of the empowerment funds as stipulated in the terms and condition of disbursement

Beneficiaries are advised to repay their loan to enable them get a higher loan, and to have access to other GEEP products. #GEEP #tradermoni #marketmoni #farmermoni pic.twitter.com/ffOgT3tZCZ

— GEEP (MarketMoni, TraderMoni, FarmerMoni) (@geep_ng) November 24, 2020

Related posts

MAN, others commend Ogun for improved ease of doing business

September 3, 2021

98% of Nigerians operating in the informal economy pay taxes – Report

August 12, 2021

What they are saying

In response to the concerns and as a way of encouraging beneficiaries to comply, the Government Enterprise and Empowerment Programme (GEEP) through its verified tweet said: “Beneficiaries are advised to repay their loan to enable them to get a higher loan, and to have access to other GEEP products.”

(READ MORE: Creative Industry: FG to disburse N7 billion to 35 firms)

How to repay the loan: The agency outlined practical steps for the repayment of these loans, which include;

Step 1: To repay the loans, beneficiaries were urged to walk into any of the listed banks; GTB, UBA, Ecobank, Union Bank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.

Step 2: Beneficiaries are instructed to report to any of the aforementioned banks, telling them that you would like to pay your ‘’BOI-GEEP’’ loan on PayDirect.

Step 3: Give them your phone number and the amount that you would like to pay.

(READ MORE: FG says Second Niger Bridge will be completed in 2022, project to cost N414 billion)

What you should know

The Government Enterprise and Empowerment Programme (GEEP) is an initiative of the Federal Government of Nigeria, and Africa’s largest microcredit scheme, 100% digitized. One of its products is the BOI-GEEP loan scheme, a Social Intervention Programme (SIP) of the Federal Government of Nigeria, executed by the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment. The interest-free loans range between  N10,000 and N100,000 for owners of microenterprises.

The BOI-GEEP scheme extends to the MarketMoni, FarmerMoni, and TraderMoni.